When Alpha Is Set at

question 78

Multiple Choice

When alpha is set at .05 and Ho is rejected, then the probability is

• A) .95 that there was a failure to reject Ho
• B) .95 that Ho should not have been rejected
• C) .05 that Ho should have been rejected
• D) .95 that Ho should have been rejected

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Definitions:

U-shaped

A term often describing a graph or relationship where a variable initially decreases, reaches a minimum point, and then increases, resembling the shape of the letter "U."

Total Product Curve

A graphical representation that shows the relationship between the total output produced by a firm and the quantity of a variable input for a given level of fixed input(s).

Average Product

The output produced per unit of a resource employed, calculated by dividing total product by the quantity of the resource used.

Labor

The application of human mental and physical endeavors in the manufacture of products and provision of services.